Solve the following problems. Show your solution and formula.

1. A new car valued at P 560,000 depreciates at 9% per year. What is the value of the car one year after purchase?

2. Maine puts P 4,000 into an investment yielding 5% annual simple interest. She left the money in for 5 years. How much interest does Maine get at the end of 5 years?

3. A bank is offering 3.5% simple interest on a savings account. If you deposit P 7,500 how much interest will you earn in 2 years?

4. P 400 interest on a principal of P 2,000 at a simple interest rate of 5% interest per year. For how many years was the principal invested?

5. In how many years will P 1,200 yield as interest of P 180 at 3% simple interest?

6. Art took out a small loan of P 900 for 18 months. The simple interest rate on the loan was 10.5%. How much will he pay in interest on the loan?

7. Jerald takes out a student loan for P 25,000. The annual simple interest rate on the loan is 7.75%. If Jerald will be paying P 38,750 in interest alone, how many years is he taking to pay off the loan?

8. Clint earned P 1,155 in interest from his simple interest account over the last 5 years. The account pays 1.25% interest annually. How much did Clint originally deposit in his account?

9. Stephanie took out a simple interest loan that charges 8.5% interest annually. If her original loan amount was for P 30,000 and she is paying off the loan over 20 years, how much will she pay altogether?

10. Derek deposited P 3,000 in a simple interest account 3 years ago. He has earned P 360 in interest so far. What is the interest rate for his account?

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